Nudjed wins Finance Wales backing
Caerphilly tech company Nudjed, which is developing a new app to promote health in the workplace, has secured £125,000 from Finance Wales.
The investment is the first from the Welsh Government's Wales Technology Seed Fund and will allow Nudjed to scale up the development of its app.
Economy minister Edwina Hart said: "The Wales Technology Seed Fund provides exciting technology start-ups like Nudjed with the backing to become leading Welsh technology businesses of the future, boosting the Welsh economy and supporting business growth. Nudjed will also be able to benefit from Finance Wales’ links with other early stage investors."
The business has previously secured £50,000 in equity funding and earlier this month, Insider reported that the company is aiming to raise £100,000 via crowdfunding platform Seedrs.
Co-founder and chief executive Warren Fauvel told Insider that the business will double its workforce in the next six months if the pitch is successful.
He added: "This new influx of capital will enable us to scale and to continue our rapid development into the burgeoning health and fitness technology market, including the urgent demand for B2B solutions to meet the country’s 21st-century healthcare needs."
Finance Wales investment executive James Henderson said: "Nudjed's founders, Warren and Neil Atherton, are a strong team with a clear vision for their business, which targets a growing and potentially lucrative niche market. They’ve developed and launched an exciting online service, which is attracting a growing customer base.
"Nudjed will use Finance Wales' investment to continue developing its online service to ensure it builds market share and stays ahead of the competition. Our investment will also help with Nudjed’s commercialisation costs."